You don’t have to refinance your loan, and should only think about doing so if you’re satisfied that making changes to your loan is a good move for you. The time it takes to complete a refinance will depend on things like the changes you are making to your loan and whether you’re changing your lender.Ĭheck out our step-by-step guide on how to refinance a home loan for more information. Don’t forget to compare fees and charges as well. Consider the whole loan offering, including features like offset accounts and the ability make additional repayments, to make sure you’re getting the home loan that best meets your needs. Keep your financial priorities in mind as you evaluate your options. You could also speak with your current lender to see if you could access any refinance options with them, adjust your current loan to help you manage your repayments better, or benefit from other features that they offer. Next, compare different home loans to see if you can find a better deal than what you’ve got, or a different product which better meets your needs. Make sure you know the rate you’re paying, any costs associated with refinancing and the terms of your home loan. If you’re thinking of refinancing your home loan, the first step is to review your current loan. Our home loan interest rates page shows all available rates, including special offers and discounts when borrowing 80% or less of the property value. The repayment calculator does not show all interest rates. For fixed rate interest only loans, the comparison rates are based on an initial interest only period equal in term to the fixed period. For interest only variable loans, the comparison rates are based on an initial 5 year interest only term. Different terms, fees or other loan amounts might result in a different comparison rate. WARNING: This Comparison Rate is true only for the examples given and may not include all fees and charges. The comparisons are indicative estimates for illustrative purposes only and are based on current interest rates (which may change).Ĭomparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly payments, including any applicable interest rate discounts. Estimated repayments and repayment scenario comparisons are estimates only based on the loan amounts, loan types and loan terms selected.
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